Beware of online scams. A complete informational guide by swissblock.

Beware of online scams. A complete informational guide by swissblock.

Online scams are increasing day by day due to mass adoption of online purchasing by people. We all think that we know enough about online frauds and we will not fall for these scams .But while dealing digitally we might face some situations where the third sense is masked by the savvy talks of fraudsters and the right pressure given by them makes us fall for it.

Swissblock believes that the best way to get rid of these scams is to be informed about all these hacks. This will save your money and savings so you can invest them in right way .So for this reason; we are sharing some common online scams that we encounter online.

Stop. First of all keep this thing in mind that all if it seems to be a too good deal, there are chances that it will be fake. We are not saying that every “too good” deal is a red flag because we are not here to kill your good vibes but we are saying that you need to be conscious when such situation prevails.

No-one sells a good PS5 on half the market price.  These offers make you rush. Hold on. Stop and ask yourself that what’s the rush?  If you feel that deal/offer is pushing you than it is another red flag. What is the purpose of financial Institution asking you to pay money through private numbers? If such situation occurs, go to their respective website and call the institution. Tell them about these online scams and it will reduce your chances of being scammed. Don’t call back the number as you will be contacting the fraudster directly if you do that.

“Say NO and move on”. This is the real way to get away from the things you don’t want. Just ask yourself that what is the profit of that seller if he is selling in this low price? Do you really need that? Did you seek this deal? If the answer is NO, then you need to go for safer way.

As discussed before, let’s discuss some common online scams now.

Potential online investment scams.

One common red flag is “High returns”. They promise a huge return for the investment and make you do the money transfer as soon as possible. They include cryptocurrency scams, gold property etc. You will see the ads on social media regarding these that look fascinating and you will be told that this opportunity is exclusively for you. You will be pressurized in making decision as soon as possible.

online scams

What you need to do?

Reject their calls. Verify the company. Don’t feel pressurized in making decision and check the company online with their reviews. 

Sale and purchase online scams :

 Now according to a report by The Economic Times, the online scams ratio is down to 74% in current year as compared to 78% in 2020. Online shopping is gaining strength and this has led the criminals to land in this field to scam innocent people. They take photos of goods from real sellers and clone the real website with little change in URL. They also ask for some advance payment before shipping and give you huge discounts that will mask your thinking activity.

What you need to do?

Read online reviews. Double check the website. Check the transcript. Check the authorized sellers of the respective brand from the brand website.

“Pay Advance fee and get work done” online scams:

Another way of doing online scams is that they entice you to pay upfront money for any service, goods transport or for any huge loan/ prize money. “Lottery scam” is also a kind of advance fee scam as they also demand upfront payment for work.

They will say that this fee is for verification and it is 100 % refundable. This is another red flag.  They put you under pressure and demand money via cryptocurrency or bank transfer.

It is very unlikely that you win huge prize without participating .Confirm the organization and double check the “LinkedIn” pages and hirers of the company.

We have covered almost all major common scams and to facilitate the secure transfers swissblock escrow system can easily be used for money transfer for online deals. 

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